Ford Fund to award $1M in auto design scholarships in honor of William Clay Ford Sr.

The philanthropic arm of Ford Motor Co. will award $1 million in automotive design scholarships over the next 20 years in honor of William Clay Ford Sr., the former company vice chairman and last surviving grandson of founder Henry Ford who died Sunday.

The Ford Motor Co. Fund will award five automotive design students $10,000 per year each under the William Clay Ford Automotive Design Scholarship that commemorates the late Ford’s design legacy, the fund announced today.

Ford was design committee chairman of the company’s policy and strategy committee from 1957 until his retirement in 1989; he died at age 88 of pneumonia Sunday morning at his home. His son, William Clay Ford Jr., is executive chairman of the Dearborn-based automaker.

“Design was Mr. Ford’s passion, and his creative vision transformed vehicle design at Ford,” Ford Fund President Jim Vella said in a statement. “We are honoring William Clay Ford’s legacy by encouraging and supporting the next generation of innovative automotive designers through this scholarship.”

The late Ford is credited with overseeing development of a number of classic Ford vehicle designs — including the Lincoln Continental Mark II, perhaps best known for the spare tire mounted into an impression of the sheet metal of the car trunk, which became an iconic image of the brand.

The grant will fund scholarships to five college sophomores or juniors each year pursuing a degree in automotive design. Further details are expected in the coming months.

The Ford Motor Co. Fund, established in 1949 and funded with Ford profits, awards grants to support local initiatives and quality-of-life programs in communities where Ford operates. The automaker in 2011 moved an additional $10 million into the fund over and above its typical annual contribution.